Official name
Expert Committee to Revise and Strengthen the Monetary Policy Framework
- responsible for modifying and enhancing the RBI’s Monetary Policy Framework
- Founded by Raghuram Rajan
Recommendations
- Headline Consumer Price index (CPI) should be nominal anchor for monetary policy
- Central Govt needs to reduce fiscal deficit to 3% of GDF by 2016-17
- Monetary Policy Committee
- Declare monetary policy every 2 months
- Inflation Targeting: target for inflation being set at 4% with 2%